The price of US oil has turned negative for the
first time in history.
That means oil producers are paying buyers to
take the commodity off their hands over fears
that storage capacity could run out in May.
Demand for oil has all but dried up as lockdowns
across the world have kept people inside.
As a result, oil firms have resorted to renting
tankers to store the surplus supply and that has
forced the price of US oil into negative territory.
The price of a barrel of West Texas Intermediate
(WTI), the benchmark for US oil, fell as low as
minus $37.63 a barrel.



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